Business News in Brief

JPMorgan Pays $2.8m Fine over Improper Safeguards for Customers

JPMorgan Chase & Co will pay $2.8 million to settle charges that a broker-dealer unit lacked sufficient controls to safeguard customer securities from several countries over more than eight years, a U.S. regulator said on Wednesday.

The Financial Industry Regulatory Authority said JPMorgan Clearing Corp created hundreds of millions of dollars of deficits by violating U.S. rules designed to thwart the improper commingling of assets, Reuters reports.

Naira Depreciates Further Against Dollar

The Nigerian naira suffered yet another biggest daily depreciation in the Investors and Exporters (I&E) Window as it depreciated by 66 kobo to N361.91 per dollar, triggered by an 86 percent decrease in dollar supply.

Data from the Financial Market Dealers Quote (FMDQ) revealed that the indicative exchange rate for the window rose to N361.91 per dollar on Wednesday from N360.25 per dollar on Tuesday.

Meanwhile, the amount of dollars traded in the window dropped significantly by 86 percent to $116.3 million from $856.45 million traded on Tuesday.

Steinhoff investor Wiese sells part of Shoprite stake

South African investor Christo Wiese has sold an additional 1.1 billion rand ($87 million) of shares in supermarket group Shoprite, exchange filings showed on Thursday, after his exposure to scandal-hit retailer Steinhoff dented his fortune.

More than $14 billion of shareholder value has been wiped off Steinhoff over the last three weeks after the owner of Mattress Firm and Conforama discovered what it called accounting irregularities and parted company with its chief executive.

Customs hauls ₦11b in 11 months

The Nigeria Customs Service (NCS) has seized 3,870 goods worth N11.2 billion Duty Paid Value (DPV) from January to November as against 5,602 goods worth N10.2 billion DPV seized same period in 2016.

The Public Relations Officer of the Service, Mr Joseph Attah, told the News Agency of Nigeria on Tuesday in Abuja that 2017 seizures were intelligence driven.

Attah said that the cause of increase in 2017 DPV, compared to that of the less number of seizures in 2016, was that service seized more high profile cars and bullet proof vehicles.

FG, States share ₦609.95b in November

The Federation Account Allocation Committee (FAAC) has distributed N609.95 billion to the Federal, States and Local Government as revenue generated in November.

This is N77.25 billion more than what they shared in October, Mr. Ahmed Idris, the Accountant-General of the Federation said.

The distribution is also timely as it will enable states and local councils to pay workers ahead of Christmas, in the opinion of the Chairman, Commissioners of Finance Forum, Mr Mahmoud Yunusa.

FG to issue $29m debut Green Bond

Nigeria plans to issue a 10.69 billion naira ($29 million) debut green bond next week, the first tranche of a 150 billion naira programme, the environment ministry said on Thursday.

The bond, with a five-year tenor, will be used to fund projects to reduce carbon emissions and develop renewable energy.

“The Federal Government of Nigeria will issue the first tranche of bonds from this programme during the week of 18th of December 2017,” the environment ministry said in a statement.

Flour Mills of Nigeria Plans $127m Share Sale

Flour Mills of Nigeria has filed application to the stock exchange to raise 39.86 billion naira ($127 million) via a share sale to existing shareholders, the bourse said on Friday.

The flour manufacturer plans to sell 1.47 billion ordinary shares at 27 naira, a 21 percent discount to Friday’s market price of 34.13 naira. It would offer nine new shares for every 16 already held via rights issue, Reuters reports.

Proposed Rights Issue Statement Below

Customs Impound Contraband Valued ₦1.59b

The Federal Operations Unit of the Nigeria Customs Service (NCS) intercepted various contraband with a Duty Paid Value (DPV) of N1.59 billion between Nov. 1 to Nov. 30

The Customs Area Controller (CAC) of the unit, Comptroller Garba Mohammed, said this when he conducted newsmen round Customs’ warehouses in Lagos on Wednesday.

According to Mohammed, a total of 185 items were intercepted within the period under review.

Increased IGR: Edo State shifts attention to Tourism

Edo Government says it will explore the state cultural heritage to increase the Internally Generated Revenue (IGR) in all the 18 local government areas.

The Deputy Governor, Mr Philip Shaibu, made the assertion on Monday in Benin while unveiling the logo of Edo Festival of Arts and Culture.

Shaibu, represented by the Commissioner for Arts, Culture and Diaspora, Mr Osaze Osemwengie-Ero, said that there was need for the state government to shift attention from oil and over-dependence on federal allocation.

Access Bank Targets West African Trade Services as Foreign Lenders Exit

Nigeria’s Access Bank plans to grow its trade payment and settlement service over the next five years as foreign lenders faced with increased regulation at home cut their correspondent banking exposure to West Africa.

So-called correspondent banking operations boomed over the last decade as commodity prices spiked and offshore lenders looking to tap into trade flows to Africa extended lines of credit to governments and businesses.